Trapoil on look-out for UK licenses farm-outs

LONDON – Trapoil has decided to relinquish UK North Sea license P.1556, covering block 29/1c, and including the Orchid prospect.

The company and its partner had sought to bring in a farm-in partner to share the costs of the work program.

Trapoil maintains its search for partners in other UK offshore licenses, including P.1889, blocks 12/26b and 12/27 which include the Niobe prospect. Here a well is planned this spring.

Other farm-out candidates are license P.1610 block 13/23a, including the Magnolia structure, where seismic evaluation continues concerning a possible extension of the adjacent Liberator discovery; P.1666, block 30/11c, including last year’s small Romeo discovery which requires further appraisal; and P.1989 blocks 14/11, 12, and 16 (Homer) and P.2170, blocks 20/5b and 21/1d (Cortina).

The company has a 15% interest in the Ithaca-operated Athena oil field in UK central North Sea block 14/18b. Here production has stabilized at 4,800 b/d following the completion of a workover. However, even at a slightly higher oil price of around $58/bbl, Athena is loss-making, Trapoil says. The partners are therefore examining ways of enhance the field’s financial performance.